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SAP Accounting: An overview and key considerations
What Is SAP Accounting?
SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.
SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.
For many organizations, SAP Accounting manages transactions across these core financial functions:
- Accounts payable/accounts receivable
- Bank accounting
- Cash journal
- Financial close
- Financial statements
- Fixed asset accounting
- General ledger
- Inventory
- Master data governance
- Multiple charts of accounts and parallel valuations
- Tax accounting.
Key Considerations for SAPinsiders
SAP Accounting: An overview and key considerations
What Is SAP Accounting?
SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.
SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.
For many organizations, SAP Accounting manages transactions across these core financial functions:
- Accounts payable/accounts receivable
- Bank accounting
- Cash journal
- Financial close
- Financial statements
- Fixed asset accounting
- General ledger
- Inventory
- Master data governance
- Multiple charts of accounts and parallel valuations
- Tax accounting.
Key Considerations for SAPinsiders
Prioritize industry-specific and business process-related compliance needs across accounting and finance requirements. SAP Accounting is an essential component of SAP ERP that provides organizations with global processes and information to account for the new standards of accounting, while maintaining flexibility to incorporate regulatory updates. SAP Accounting solutions can help organizations effectively meet global accounting and financial reporting standards to enforce compliance.
Consider opportunities to modernize accounting workstreams and provide operational visibility across virtual teams.The transition to a fully remote working environment has caused difficulties for accounting professionals, particularly as it relates to their dependence on spreadsheets, inability to access data, limited process documentation, and daily manually intensive tasks. Organizations can automate their workflows with SAP Accounting tools, freeing them to do more optimization and customization.
Leverage SAP Accounting products to enable accounting teams to do more with less. COVID-19 variants, virtual work, supply chain disruptions, inflation concerns, and the Great Resignation, represent some of the major challenges creating uncertainty for organizations across the current operating environment. With the uncertainty of this economy, accounting is required to give more up-to-date information to make smarter decisions in real time.
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Fortune 500 Energy Giant Saves 45,000 Hours with SAP Finance AutomationSep 3, 2025 — Energy Transfer enhanced operational efficiency by automating finance processes with Redwood Software's platform integrated into SAP S/4HANA, saving 45,000 hours annually and significantly reducing bank reconciliation times, thus enabling the finance team to focus on analysis instead of data handling.
3 minute read
2025 Accounting Forecast: Trends to Expect and Prepare ForMar 3, 2025 — There are many changes in the accounting guidance world that are taking effect. For example, there are upcoming reporting requirements around ESG, even for private companies. According to Moss Adams, this may mean that companies will need to assess and disclose the environmental impacts of their suppliers, customers, and other stakeholders within their value chains.
5 minute read
Waters’ Formula for Financial Transformation with SAP & BlackLineSep 27, 2024 — Click Here to View Session Deck Join Waters Corporation, a global leader in analytical instruments and software which help ensure the safety of our medicines, the purity of the food we eat and the water we drink, as they share their journey to future-ready financial operations. By leveraging SAP Financial Close Solutions by BlackLine, Waters […]
1 minute read
BlackLine’s Unified Solutions for a Future-Ready Financial CloseSep 27, 2024 — Click Here to View Session Deck See how you can achieve an accurate, efficient, and intelligent financial close with BlackLine’s end-to-end solutions SAP customers. BlackLine experts will demonstrate how you can rapidly eliminate manual work and continuously optimize processes for immediate and sustained value for your finance and accounting teams. You will: Learn how to […]
1 minute read
Trintech Achieves Another Record-Breaking Quarter in Bookings with Meaningful Innovation and Customer SuccessSep 16, 2024 — Trintech has reported approximately 20% year-over-year growth in bookings during the first half of its fiscal year, driven by increased adoption of its financial close solutions, strategic integrations, and innovative advancements, while continuing to expand its global market presence and receiving multiple industry recognitions.
3 minute read
Unifying Operational Accounting and Compliance Accounting in the Office of the CFOAug 8, 2024 — The role of enterprise level CFOs has changed radically over the past decade with both a widening scope of influence and greater responsibilities for helping guide corporate transformation programs and technology choices. Instead of the historic backward-looking role focused primarily on gathering and reporting data, the Office of the CFO is now much more involved in proactively analyzing trends and formulating forward-looking strategies to drive future company results.
5 minute read
Lionsgate Entertainment and xSuite: A Story About Process Automation in FinanceJun 24, 2024 — In this on-demand webinar, you will learn firsthand what you should be aware of when starting the digital transformation journey in your financial accounting. Lionsgate Entertainment faced many challenges in their AP department. Kate Davies, SVP Accounting, will share her own experiences from this automation project.
1 minute read
Elevating Accounting in 2024 with FloQastApr 10, 2024 — Accounting departments are under significant pressure to operate efficiently and effectively. One of the most buzzed-about trends in accounting is the use of AI and automation to improve workflows, minimize compliance risk, and remain agile. Automation adoption has been uneven across the business world, as enterprise-level companies tend to be a bit more conservative about deploying automated solutions, whereas smaller and mid-sized businesses are keener on embracing it. This is largely driven by need, as smaller accounting teams often must do more with less. In this article, you will learn about some of the concerns keeping companies from fully embracing advanced offerings, and the best techniques they can utilize to infuse AI and automation into essential processes, with the help of experts like FloQast.
5 minute read
Upgrade Your Finance and Accounting Processes with BlackLineFeb 28, 2024 — As the cost of labor rises, automation provides an inflationary hedge, allowing workers to perform tasks more efficiently. Companies have a certain number of transactions that they need to reconcile and align. This number is only going to keep growing as the company expands. Automation allows users to perform all necessary reconciliations in a fraction of the time. By saving time on repeatable tasks, finance professionals can spend their time on other work that adds value to the organization. Companies are increasingly turning to automation-based solutions, such as the Accounts Receivable Automation and Intercompany tools offered by BlackLine. These solutions not only help increase time to value but improve accuracy and help provide business leaders with the intelligence they need to drive better outcomes.
SAPinsider sat down with Michael Polaha, Senior Vice President of Finance at BlackLine. He touched on some of the topics that BlackLine’s customers have highlighted as the most pressing issues throughout the finance space for SAP users. In this article, we will touch on automation and its uses, finding trusted partners, and evolving your business into a truly intelligent enterprise.
5 minute read
Scaling Productivity Through Utilization of AP AutomationFeb 23, 2024 — In a world of growing innovative technology and constant drive towards modernization, there are two things that businesses cannot afford to occur: time waste and manual mistakes in production and operations. In the recent years, technology experts found a global solution: automation. SAP users know that there are many obvious benefits that arise from deploying […]
2 minute read